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The lawsuit accused Coinbase of offering unregistered securities to users through its staking service.
This service allows customers from Coinbase to earn rewards by participating in blockchain networks.
South Carolina Dismisses Coinbase Lawsuit, Shifting Crypto Regulation
The move by South Carolina follows similar decisions by other states and regulators, signaling a shift in the legal landscape for cryptocurrency platforms. The lawsuit, initially filed in 2022, alleged that Coinbase’s staking service violated state securities laws. However, the state’s decision to dismiss the case comes after Coinbase’s legal team successfully argued that staking does not constitute a security under state laws.
JUST IN: South Carolina has become the latest US state to dismiss its lawsuit against Coinbase for allegedly offering unregistered securities to users through a staking service. pic.twitter.com/hjzVntoI2c
— Cointelegraph (@Cointelegraph) March 28, 2025
This development is a win for Coinbase, which has been under the microscope of various regulators, including the U.S. SEC, for its business practices. The exchange has consistently defended its staking service, arguing that it is not offering securities but rather providing a way for users to participate in the crypto ecosystem.
As Coinbase continues to navigate regulatory hurdles, this recent dismissal highlights the ongoing debate about how crypto-related services should be classified under existing laws. This is what the Chief legal officer said about it:
The dominoes keep falling. South Carolina just joined Vermont to dismiss its unfounded staking lawsuit against @Coinbase. Staking will very soon be back for Coinbase users in South Carolina. This is not just a victory for us, but for American consumers and we hope it’s a sign of…
— paulgrewal.eth (@iampaulgrewal) March 27, 2025
The dismissal also serves as a reminder that the crypto industry is still finding its footing in the eyes of regulators. While some states have taken a hard stance on crypto businesses, others are more lenient, resulting in a patchwork of regulations across the country. This situation has left both users and crypto firms like Coinbase in a bit of a bind, trying to comply with laws that are still evolving.
More About Coinbase
Yehuda Lindell, head of cryptography at Coinbase, recently announced the release of Coinbase’s MPC engine as open-source. The engine, available on GitHub, provides a robust set of tools for two-party and multiparty signing, supporting both ECDSA and Schnorr/EdDSA algorithms. It also includes key cryptographic components like commitments, random oracles, secret sharing, oblivious transfer, and ZK proofs for threshold signing tasks.
The release includes the full stack of code, including basic primitives like commitments, random oracles, secret sharing, etc., oblivious transfer (base and extension), and a whole series of ZK proofs for different tasks relevant for threshold signing. 2/6
— Yehuda Lindell (@LindellYehuda) March 27, 2025
This release offers developers the full stack of code, enabling enhanced security features like Distributed Key Generation (DKG) and backup solutions, marking a significant step in the crypto industry’s pursuit of decentralized security protocols.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers, and their risk tolerance may differ from yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
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